Norwich have wiped out all of their external debt and returned a small profit after tax of £500,000, the Premier League club revealed on Thursday in accounts published for the year end May 31, 2013.

The Norfolk club retained their place in the top flight last season under manager Chris Hughton, ending up in 11th place after eventually pulling clear of the relegation battle.

Overall revenue at Carrow Road was up to £78.7m from £74.3m in 2012, with a profit of £500,000 which was down from £13.5m as the club moved to slash external debt from £11.3m to some £900,000, with £700,000 of that as "preference shares" and the remaining balance now paid off since 1 June.

Following on from such a robust base – which is set to be supplemented in the next financial tax year by the lucrative new broadcasting deal for all Premier League clubs – Norwich have been quick to further bolster the playing staff, with seven summer signings including a club-record £8.5m purchase of the Dutch striker Ricky van Wolfswinkel from Sporting Lisbon.

The Norwich chairman Alan Bowkett said: "Again these are a pleasing set of financial results in line with our objective of attempting to run the club as a mutual.

"We have been able to cement our position in the Premier League by increasing our expenditure on football by 46% and yet still be one of a few clubs in the Premier League to remain in profit.

"Additionally, subsequent to the accounts cut-off date, we have paid back all of our external debt.

"My thanks to all the team at Norwich City Football Club, both on and off the field."